Asset Finance boosts dividend despite loss
Whakatane-based finance company Asset Finance has posted a loss of $583,296 for the year to March 2008, compared with a profit of $827,938 the previous year.
Despite this, the company still managed to pay its two shareholders a dividend of $611,980, up from $150,000 the prior year, according to latest company accounts.
The two shareholders are directors Dennis Hodgetts and Clive George, while the two other directors of the company are not listed as having any shares.
The company defended the dividend increase, saying the payment related to the previous year.
The net effect to shareholders was only $11,980 since another $600,000 was raised following the issue of ordinary shares during the period, operations manager Blair George said.
As at March 2008 Asset Finance Ltd had total liabilities of $23.5 million. Total debentures and capital notes at that period were $21.3 million, according to the annual report.
Assets included $12.56 million in loans and advances, with $12.19 million overdue and $5.88 million less than 30 days overdue.
When asked whether they were still accepting redemptions and paying debenture holders interest, Director Dennis Hodgetts said, “Of course we are”.
Asset Finance has 14 branches in the North Island, and according to their website offers personal loans, debt consolidation loans, car finance loans, and business & finance loans.